With its new capital injection, payment services startup Finix is set to challenge the likes of Stripe and Square.
Bain Capital Ventures, the venture capital arm of private investment company Bain Capital, led Finix’s $17.5m Series A round. Matt Harris, managing director of Bain Capital Ventures, join Finix’s board of directors. Other investors in the raise included Visa, Insight Venture Partners and Aspect Ventures. “This is only the beginning and we can’t wait to work with this incredible group of investors to support the next generation of payments companies,” said Richie Serna, CEO and co-founder of Finix.
The San Francisco-headquartered FinTech startup is vocal in its aspiration to revolutionize payment solutions. Key to this goal is Finix’s ability to enable companies to become their own payment facilitators, a merchant service provider that simplifies the merchant account enrollment process. In other words, it creates a payments infrastructure on which software companies can own, manage and monetize their own payments. By doing so, the startup is directly competing with existing payment providers like Stripe and Square.
Serna continued: “The billion-dollar payments companies of the future won’t look like Stripe or Square. They will be vertically-focused software companies with payments integrated deeply into their core. At Finix, our mission is to make that future a reality.”
Bain Capital Ventures was one of the early-stage investors of LinkedIn and Shopping.com. Back in 2017, FinTech Global also reported how the VC firm had led mobile payments platform Passports’ $43m Series C round.
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